System and method for enhanced clock auctions and combinatorial clock auctions

Inactive Publication Date: 2014-08-28
EFFICIENT AUCTIONS
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  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

AI Technical Summary

Benefits of technology

The present invention provides improvements to auction systems. These improvements include an improved activity rule that restricts bids submitted by a bidder based on its previous bids, an improved pricing rule that discounts the amount of bids required to be submitted, and an improved iterative first-price auction that combines these improvements. These improvements aim to reduce strategic behavior, enhance the quality of information reported during the auction, and increase the likelihood of successful bids. Each improvement contributes to the overall performance of the auction.

Problems solved by technology

Such activity rules tend to reduce the possibilities for strategic behavior in the auction and improve the quality of information reported throughout the auction, thereby potentially improving the auction's performance.

Method used

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  • System and method for enhanced clock auctions and combinatorial clock auctions
  • System and method for enhanced clock auctions and combinatorial clock auctions
  • System and method for enhanced clock auctions and combinatorial clock auctions

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Embodiment Construction

Overall Structure of Auction System

[0059]Earlier auction methods and systems are described in U.S. Pat. Nos. 5,905,975, 6,021,398, 6,026,383, 7,062,461, 7,165,046, 7,729,975 and 7,899,734 and in published Application 20040054551. The foregoing patents and published applications are incorporated herein by this reference. All terminology in the following description will incorporate the terminology established in the earlier patents and applications, if not defined herein. The following description will detail the flow of the novel features of the preferred embodiments of the present system and method for clock auctions and combinatorial clock auctions.

[0060]Before describing the auction process in detail, reference is made to FIG. 1 to describe the architecture of an exemplary computer system in accordance with an embodiment of the present invention. In the graphical depiction of FIG. 1, the computer system consists of multiple bidder and auctioneer computers or terminals 20a-n and 3...

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Abstract

The present invention provides improvements applicable to dynamic auctions such as clock auctions or combinatorial clock auctions. In a first embodiment, the present invention includes an improved activity rule that constrains the bids that may be submitted by a bidder, based on the bidder's own prior bids. In a second embodiment, the present invention includes an improved pricing rule that appropriately discounts the amounts (as compared to linear pricing) of bids that need to be submitted by a bidder. In a third embodiment, the present invention includes an improved iterative first-price auction. Bidders successively make bids, often a bid for a package of items at a specified price. When the auction concludes, some of these bids become “winning” bids; the respective bidders win the items specified in their winning bids and pay the prices specified in their winning bids. In some preferred embodiments, the present invention combines two or all three of these improvements.

Description

RELATED APPLICATIONS[0001]This application claims the benefit of the filing date of the following provisional patent application:[0002]Ausubel and Baranov, “System and Method for an Enhanced Combinatorial Clock Auction”, U.S. Provisional Patent Application, Ser. No.: 61 / 768,876 filed Feb. 25, 2013.[0003]The subject matter of the Provisional Application is incorporated by this reference.FIELD OF THE INVENTION[0004]The present invention relates to improving computer-implemented auctions and, more particularly, to improving computer-implemented auctions that include elements of clock auctions and / or combinatorial auctions.BACKGROUND OF THE INVENTION[0005]Sellers and buyers of commodities, assets, and other goods and services are increasingly turning to auctions to assist in the sale or purchase of a wide range of items. Auctions are useful for selling a unique item (e.g., a painting), multiple heterogeneous items (e.g., several paintings), a single type of item available in multiple un...

Claims

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Application Information

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IPC IPC(8): G06Q30/08
CPCG06Q30/08G06N5/04G06Q20/405G06Q40/06
Inventor AUSUBEL, LAWRENCE M.BARANOV, OLEG V.
Owner EFFICIENT AUCTIONS
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